Averaged down with a little more GLM at the lows today...It's not just a shallow water driller. Buy today at the George Soros entry price of $26-$27! Here is a paragraph from their recent quarterly: [sorry for the plug, but what the..I need to give myself some good news today..]
"Third quarter 1997 contract drilling revenues increased by 70 percent compared to a year ago, benefitting from a 47 percent increase in average dayrates, rig utilization of 99 percent, and the initial contributions of our two newly-purchased semisubmersible rigs," Ryan said. In addition to the two semisubmersible drilling rigs acquired in July, Global Marine has two deep-water conversion projects, the 5,000-foot water depth Glomar Celtic Sea, scheduled to begin operations at year-end, and the 7,500-foot water depth Glomar Explorer, scheduled to begin operations during the first quarter of 1998. Ryan noted,"These four rigs will increase our deep-water capability to seven rigs. In 1998, our deep-water fleet is expected to generate approximately 40 percent of our operating cash flow from contract drilling." |
